The company entered an agreement with an unnamed buyer through Clearlake Capital Group to purchase THQ and all company assets, including all games currently in development and studios including Vigil, Relic, Volition and THQ Montreal.

Clearlake is facilitating the sale, with a current bidder price of approximately $60 million for purchase of the company including $10 million for the benefit of the company's creditors. Other bidders will be permitted to come forward with offers as well during the sale process, with THQ requesting in bankruptcy court that the sale be concluded within 30 days.

The process means that THQ can listen to rival bids until it is forced to sell.

THQ says that there will be no reduction in staff at any of its studios during the sale, and that there will be no change in any of its current in-development titles.